Miami Today reports that the Miami-Dade County plans to use our tax dollars to buy foreclosed properties to use as low-cost rentals: “Creating more affordable rental housing is to be a key priority for Miami-Dade County and the City of Miami in spending the tens of millions of dollars the federal government is sending their way to help reverse the national foreclosure crisis. “
“Plans for the Housing and Economic Recovery Act money — the county's $62.2 million and the city's $12.06 million — are due to the US Department of Housing and Urban Development by Dec. 1.”
“The funds, which are to impact only a fraction of local foreclosed units, are meant to provide a shot in the arm to low-income areas hit hard by foreclosures.”
“In Miami, this means affluent Brickell is out, but areas such as Little Haiti, Overtown and Allapattah are to receive a big chunk of the program's millions.”
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3 comments:
Well, at least this way affordable housing units will actually be put into circulation...which is quite a contrast from the county's usual way of simply giving money to developers who never actually build anything!
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